CAT Token Rises 60% in Binance Futures

Bitcoin’s (BTC) peak at nearly $70,000 over the weekend was short-lived, with the asset falling 2.2 percent to $67,000 earlier today, with all major-cap tokens falling.

While BTC fell 2 percent, ether (ETH), Toncoin (TON) and Cardano (ADA) lost up to 3 percent. The value of XRP and BNB Chain (BNB) changed little, while dogecoin (DOGE) fell by approximately 1 percent.

The CoinDesk 20 (CD20) Index, which tracks the largest tokens by market cap, lost 2.1%.

The liquidation of over $165 million in long positions marked a boom in leveraged trading in crypto futures. As CoinDesk reported yesterday, leverage increased over the weekend just before the market surge.

On the other hand, Simon’s Cat (CAT) token led the market gains, rising 63 percent after its futures listing on Binance. Trading volumes, which were around $80 million on Sunday, have increased to over $422 million in the last 24 hours, making it one of the largest tokens in the cat-themed token ecosystem.

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Simon’s Cat memecoin is officially affiliated with the mainstream Simon’s Cat brand and powered by its IPs. Banijay, which holds the Simon’s Cat IP, generated $5.8 billion in revenue last year. CAT was launched in August in partnership with Floki and trading firm DWF Labs.

Traders have warned that next week will be a limited week for gains due to the lack of fundamental catalysts.

Both BTC and ETH have yet to surpass their July highs. Singapore-based QCP Capital stated in its Telegram broadcast that a break above these levels could attract the attention of the retail sector.